U.S. Code > Title 40 Public Buildings, Property, and Works > SUBTITLE I—FEDERAL PROPERTY AND ADMINISTRATIVE SERVICES (§§ 101—1315) > CHAPTER 5—PROPERTY MANAGEMENT (§§ 501—611) > SUBCHAPTER I—PROCUREMENT AND WAREHOUSING (§§ 501—506) > § 503. Exchange or sale of similar items

§ 503. Exchange or sale of similar items

(a) Authority of Executive Agencies.— In acquiring personal property, an executive agency may exchange or sell similar items and may apply the exchange allowance or proceeds of sale in whole or in part payment for the property acquired.
(b) Applicable Regulation and Law.—
(1) Regulations prescribed by administrator of general services.— A transaction under subsection (a) must be carried out in accordance with regulations the Administrator of General Services prescribes, subject to regulations prescribed by the Administrator for Federal Procurement Policy under the Office of Federal Procurement Policy Act (41 U.S.C. 401 et seq.).
(2) In writing.— A transaction under subsection (a) must be evidenced in writing.
(3) Section 3709 of revised statutes.— Section 3709 of the Revised Statutes (41 U.S.C. 5) applies to a sale of property under subsection (a), except that fixed price sales may be conducted in the same manner and subject to the same conditions as are applicable to the sale of property under section 545 (d) of this title.